As the first-ever Korean law firm to issue specialized legislative journals, DR & AJU LLC has been publishing the monthly Policy & Business (P&B) Report since August 2019. The P&B Report provides analyses of plenary sessions of the National Assembly, as well as standing committee and subcommittee meetings. In addition, the firm has been co-hosting the Future Leaders Forum with the Herald Business, inviting chairpersons of standing committees to discuss relevant legislative issues and tasks.
As an extension of this service, DR & AJU has also been issuing the Weekly Legislative Report, which covers various legal issues at the center of public debate along with editorials and columns on the Serious Accidents Punishment Act (“SAPA”) from major daily news outlets. The report will be released with an update on newly proposed or pending bills. Enclosed is this week’s legislative report, and please refer to the P&B Report for further details.
If you wish to subscribe to the P&B Report or have any other queries, please contact us at lc@draju.com.
1. Proposed Bill(s)
① Partial Amendment to the Income Tax Act
This Amendment defers the enforcement date of taxation on virtual asset income by three years to 2028.
② Partial Amendment to the Act on Restriction on Special Cases Concerning Taxation
This Amendment raises the tax deduction rate for investments in R&D and extends the sunset clause for the tax credit by three years to 2027.
2. Pending Bill(s)
③ Partial Amendment to the Trade Union and Labor Relations Adjustment Act
This Amendment ensures the right of specially employed and platform workers to join a trade union and restricts companies from suing individual workers rather than the trade union for damages incurred by strikes.
3. Promulgated Bill(s)
④ Special Act on Future Automotive Parts Transition and Ecosystem Development
This Bill requires the government to establish and implement a master plan for invigorating the future automotive parts industry ecosystem every five years, establish a data platform to support the future automotive parts industry ecosystem, and promote pilot projects to stimulate demand.
4. Bill(s) Undergoing Pre-Announcement of Legislation/Administration
⑤ Partial Amendment to the Enforcement Decree of the Act on The Consumer Protection in Electronic Commerce
This Amendment mandates e-commerce and OTT platform businesses to obtain prior consent from subscribers and notify them within 30 days before increasing the amount of a recurring payment.
5. Serious Accidents Punishment Act ("SAPA") Related Editorials and Columns from Major Dailies